Spend Money Wisely to Study in UK Higher Education

International students who decide to study in UK Universities and colleges should expect to make major adjustments to their financial life style.

The pointers below aim to serve as a financial checklist for Overseas students who plan to study in UK Higher Education Institutions and limit the risks of financial problems whilst studying.

Top 5 Things to Do

1. Investigate options well beforehand. It is vital to explore and plan the likely expenses of study in the UK so you are prepared when you arrive.

2. Plan how much you have to spend each week and do not spend anymore than that. By estimating how much money you have available to use each week and not going over this amount is one method of keeping on top of your finances. It is equally important to frequently check and adjust your weekly limit if needed.

3. Always have reserve money available in a UK Savings Account. Always have back up funds for payment of your major expenses lest anything might happen requiring urgent additional income.

4. Find yourself part-time employment. It is usual for those who study in UK Higher Education to complement their student lifestyle with work which accommodates around study periods in the catering or hospitality industry.

5. Make savings by always stating that you are a student. Those who study in UK colleges can benefit from huge savings on journeys, drinks, text books, clothes and many more items. In addition to checking shop policies on student discounts before you make a purchase, there are many websites offering vouchers, and dedicated to listing where student savings can be made locally.

Top 5 Things Not to Do

1. Do not allow your balance to go into arrears in the beginning months of term. Try and stay within budget from the beginning of every semester. It is not guaranteed that you will find a part-time job as soon as you arrive. So calculate your budget without including income from any employment.

2. Avoid careless spending. It is not a good idea to shop in centrally located Metro' or high street supermarkets as they are always more expensive, but instead to plan a weekly shop in a larger supermarket which offers a wider variety of prices on products. Only withdraw as much cash as you require so that you are not tempted to spend surplus amounts unnecessarily, especially if you have been drinking!

3. Do not disregard the situation if your finances get out of hand. If you receive overdraft warnings and outstanding college fee requests, do not ignore them but take immediate action. Make an appointment to talk to your bank manager as they are likely to be able to offer an alternative solution before your circumstances intensify. Speaking to college staff about your financial circumstances is always a good idea as they may be able to provide some leniency on payment of fees or suggest other ways to manage payments. Financial staff are likely to be more understanding to your situation if you approach them when you first discover that you are struggling as they may be able to offer immediate practical solutions.

4. Avoid missing class due to poor finances. There are stringent rules for internationals who study in UK higher education to attend at least 80% of classes and lack of money for transport or needing to do more shifts at work will not qualify students to get authorised absence. Students who require Visas and do not attend the required classes will be reported to the UK BA  which may result in them having their sponsorship withdrawn.

5. Do not work excessive number of hours each week. As a rule, weekly working hours for International students are constrained by their visa requirements. Working in a part-time job excessively will not only jeopardize your right to study in the UK, but will also hinder your academic studies.

The voyage to study in UK higher education will lead you to understand the importance of good planning and maintaining communication to prevent reaching a financial deadlock and disruption to your studies.